At some point, a friend or relative might ask you to post bail for them. Depending on the circumstances, you might not have the funds to assist. That’s why many people in this situation decide to borrow money. Before you do, know that reaching out to a lender could affect your credit in the following ways.

Using a Loan for Bail Could Cause Credit Concerns

To post bail, you might consider taking out a personal installment loan. If you cannot pay back the loan to the lender, your credit score will drop. You may also face high interest rates that make it even harder to pay back the debt. When you need money quickly, taking out a personal loan isn’t a reliable idea anyway. As it takes time to get approval, your loved one will have to remain incarcerated in the meantime. Bail agents won’t charge interest and will work quickly, so the accused spends as little time behind bars as possible.

Collection Agency Notices Appear on Credit Reports

If your limit is high enough, you might use a credit card to post bail. When you work with a bail bonds agency and put 10 percent of the bail amount on your credit card, the credit company will treat it as a credit card cash advance. As with a personal installment loan, you will pay exorbitant interests as well as a 3 percent fee. If you fail to repay the debt, it will go to a collection agency, which your credit report will reflect.

If you need to post bail for yourself or a loved one, the discreet bail bond agents at Cumberland Bail Bonding are available to help during stressful times. Based in Cleveland, TN, they are familiar with the court system in Bradley County and the surrounding areas and have been committed to getting clients out of jail since 1992. To learn more about bail bonds services the team provides, call (423) 622-3733 or (800) 468-1161. Visit the family-owned and -operated, 24-hour bail bonds company online to learn more about their services and become a Facebook follower for announcements.